Consumers clearly seeking discounts and promotions, says Neuberger Berman's San Marco - part 2/2
December 24, 2025 • 5m 2s
John San Marco (Senior Research Analyst)
00:00.042
the
the
biggest
that
the
implications
of
the
tax
reform
you
know
both
during
refund
season
and
and
the
withholding
impact
the
customer
is
going
to
have
a
lot
more
capacity
to
spend
just
as
they're
beginning
to
show
interest
for
the
first
time
in
several
years
broadly
speaking
in
John San Marco (Senior Research Analyst)
00:18.922
discretionary
goods
you
know
something
they
they
shopped
like
crazy
early
in
covid
and
then
the
customer
the
consumer
stepped
away
from
for
years
so
the
consumers
coming
back
to
that
they're
going
to
have
this
these
tax
benefits
the
headwind
from
tariffs
are
about
as
bad
as
John San Marco (Senior Research Analyst)
00:35.522
they're
going
to
get
like
today
in
in
the
alternative
data
that's
that's
pretty
ubiquitous
now
it's
about
as
bad
as
you're
of
an
impact
as
you'll
see
on
the
customer
it'll
it'll
start
to
abate
as
we
move
through
twenty
twenty
six
and
you
know
i
think
there's
you
know
there's
a
John San Marco (Senior Research Analyst)
00:48.562
couple
laggards
i
think
could
could
be
great
comeback
stocks
you
know
home
depot
is
one
they're
really
well
positioned
for
the
tax
reform
they
they
serve
a
middle
income
and
high
income
homeowning
customer
who's
really
stepped
away
from
this
category
for
years
so
a
lot
of
pent
John San Marco (Senior Research Analyst)
01:04.122
up
demand
and
costco
is
another
one
you
know
it's
quite
strange
to
discuss
costco
as
as
a
laggard
it's
just
executed
fundamentally
so
strongly
so
consistently
for
so
long
but
the
stock
was
you
know
came
into
last
year
quite
expensive
and
if
you've
seen
that
derating
and
so
now
John San Marco (Senior Research Analyst)
01:22.402
there's
reasonable
value
for
just
a
spectacular
quality
retail
asset
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